Spaces Leases 47 KSF at UT Office Development

CBRE has arranged a 47,000-square-foot lease with Spaces at Traverse Ridge Center III, an office building currently under construction in Lehi, Utah. The tenant will occupy the first and second floors of the 220,000-square-foot property upon completion, in August 2019.

Located at 3300 N. Triumph Blvd., Traverse Ridge Center III is the third office building to be constructed in Traverse Ridge Center, a master-planned business park spanning across 22 acres. Developed by Perry Commercial, the nine-story addition to the complex broke ground in April and will be the tallest building in the city.

Silicon Slopes on the rise

CBRE Senior Vice President Eric Smith worked on behalf of the landlord, while Associate Peter Black, also with CBRE, represented the tenant. Spaces is an IWG-owned creative and flexible workspace company.

“With the high volume of new companies and startups coming to Silicon Slopes, there is an increased need for coworking and temporary space options that Spaces can provide,” Smith said in prepared remarks.

“Lehi is a dynamic market with a rapidly growing high-tech and commercial center. As a result, we are seeing an increase in demand from businesses of all sizes looking for flexible working solutions which can be easily scaled up or down,” added Michael Berretta, vice president of Network Development for IWG.

The property provides access to Interstate 15, an adjacent Staybridge Suites hotel and public transit, including a future UTA TRAX stop. Once complete, Traverse Ridge Center will comprise 410,000 square feet of office space. The park will also feature a hotel, scheduled for completion in December.